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of their lives to that city. correspondent mike tobin reports tonight on the granting of bankruptcy protection for detroit. >> reporter: the rule, is unwelcome to detroit city employees as their pension now hangs in the balance as detroit digs itself out from $18 billion in debt. >> this is a moral issue that we're dealing with. it is wrong for you to take somebody's pension that have given their lives, that have sacrificed 30 years. >> reporter: the trouble began with the exodus that followed automotive jobs. with the smaller tax base, city leaders did not reduce the budget. under pressure from labor unions, they never reduced things like health benefits or bonuses. when the budget was in the red the borrowed. judge steven rhodes wondered out loud why this hadn't happened sooner as he made the historic ruling that detroit is eligible for chapter 9 bankruptcy. now pension, for more than 23,000 firefighters, police and other municipal employees are facing the potential of dramatic reductions. >> we're trying to be
of their lives to that city. correspondent mike tobin reports tonight on the granting of bankruptcy protection for detroit. >> reporter: the rule, is unwelcome to detroit city employees as their pension now hangs in the balance as detroit digs itself out from $18 billion in debt. >> this is a moral issue that we're dealing with. it is wrong for you to take somebody's pension that have given their lives, that have sacrificed 30 years. >> reporter: the trouble began with the...
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Dec 6, 2013
12/13
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optimism is bringing this city back. this isn't afraid of opportunity, it's not discouraged by its past, it's excited by its future. i love the way she put that. one thing is certain, detroit's future and lisa's future will not come from washington. the magic of motown is here in the city. what detroit need to thrive is not washington hand but freedom from big government's mastery. to thrive, detroit needs less government and more freedom. less red tape, less taxes, more money left in detroit. the answer to poverty and unemployment is not another government stimulus. it's simply leaving more money in the hands of those who earned it. today i'm here to introduce something i call economic freedom zones. this is a bill that will be introduced next week in washington. these freedom zones will dramatically re"uce tax and red tape so detroit businesses can grow and throb. he called his plan a conservative war on poverty. it's time we revisit some of the ideas of jack kemp and expand upon them. the bill that i will introduce, w
optimism is bringing this city back. this isn't afraid of opportunity, it's not discouraged by its past, it's excited by its future. i love the way she put that. one thing is certain, detroit's future and lisa's future will not come from washington. the magic of motown is here in the city. what detroit need to thrive is not washington hand but freedom from big government's mastery. to thrive, detroit needs less government and more freedom. less red tape, less taxes, more money left in detroit....
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the city hall has become a headquarters for protesters. all day people came in just to have a look and enjoy the food and hot drinks or to catch a nap. amidst all this. a workman removes the carpet so it will not get damaged. the problem for the opposition is where do they go from here. how do they turn occupation into victory. >> the way to solve the crisis is through early parliamentary elections. we want a no confidence resolution in the government of ukraine. they should resign. >> pictures have emerged from sunday night showing the police were, at times, brutal in their treatment of protesters and journalists. anton is a photographer. one of dozens who were beaten by riot police. he pleaded with them to stop. these are his bruises. this is all that is left of his camera. the police were on the receiving end. officials say 35 were hurt by protesters. some are in hospital. away from the city center, there are no protests, just the grim routine of life, and a cold winter. this is where we met tatiana, very much in favour of political cha
the city hall has become a headquarters for protesters. all day people came in just to have a look and enjoy the food and hot drinks or to catch a nap. amidst all this. a workman removes the carpet so it will not get damaged. the problem for the opposition is where do they go from here. how do they turn occupation into victory. >> the way to solve the crisis is through early parliamentary elections. we want a no confidence resolution in the government of ukraine. they should resign....
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Dec 5, 2013
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detroit is a troubled city. it's lost tremendous employment. it's been disproportionately affect by nafta and the auto industry, it's lost population. and they are two radically different cases am but still, to your question, moderate adjustments, and the question of moderate adjustments is in the eye of the beholder. the average retiree-- retiree in detroit is $19,000 it that is the averagement there are many with $12,000 a year pensions. so if we're talking about moderate adjustments, are you saying $10, are you saying $100 a month? well, the emergency manage never detroit is talking about 16 cents on the dollar. is that a moderate adjustment. we say not. in the state of illinois it is a completely different circumstances. this is a state that the very same day voted to take away retiree's pension benefits an cut those benefits, adopted a multimillion dollar tax cut for multinational corporation within that state. so the state is not impoverished. the state is choosing priorities that are different than the citizens have chosen by adopting a
detroit is a troubled city. it's lost tremendous employment. it's been disproportionately affect by nafta and the auto industry, it's lost population. and they are two radically different cases am but still, to your question, moderate adjustments, and the question of moderate adjustments is in the eye of the beholder. the average retiree-- retiree in detroit is $19,000 it that is the averagement there are many with $12,000 a year pensions. so if we're talking about moderate adjustments, are you...
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Dec 8, 2013
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it's amarket-based idea of how to raise up folks in the inner city. also, the republican party realizing they're doing terribly with minorities, is setting up outreach centers in inner cities around the country and he was there for the opening of that. the answer, according to senator paul and a lot of republicans, is market-based solutions, not government handouts. he said lower the tax rate dramatically, 5% corporate and individual tax rate. school choice, education tax credits. various provisions to make it easier for people to invest in the inner city. he said, look, we tried government solutions. they haven't worked. so let's try market-based solutions, and that's his answer to a lot of these issues. i have to tell you, a steep road they have to climb. in detroit, for instance, in 2012, obama got 97% of the vote. mitt romney, 2%. >> does he actually believe the unemployment number? you know, there's been some speculation that it doesn't really accurately reflect what the situation is in our country? >> well, he points out the fact that for blacks
it's amarket-based idea of how to raise up folks in the inner city. also, the republican party realizing they're doing terribly with minorities, is setting up outreach centers in inner cities around the country and he was there for the opening of that. the answer, according to senator paul and a lot of republicans, is market-based solutions, not government handouts. he said lower the tax rate dramatically, 5% corporate and individual tax rate. school choice, education tax credits. various...
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perhaps the city of chicago, we'll talk to somebody on our show on that city. a lot of people are watching this very closely as a way to cut back on pension obligations. some are heading to federal court. >> what else are you working on? >> we have a great show. i know when you were at turner broadcasting several years ago there was that no smoking policy. well, that policy is embraced with more companies on the front end. in other words, they will not hire you if you test positive for tobacco use. this policy is spreading. we'll talk about the pros and cons. this has just fired up people all over social media. that is coming up at 7:00 eastern on a "real money." >> david shuster. >> so we're just months away from the world cup in brazil, but there are safety concerns there. we have preview of the sports. >> reporter: yeah a lot of people worried that the games will have serious problems well at least stadiums are being constructed will not be ready for the fifa end of december deadline. the venues would not be completed due to construction delays, and raising
perhaps the city of chicago, we'll talk to somebody on our show on that city. a lot of people are watching this very closely as a way to cut back on pension obligations. some are heading to federal court. >> what else are you working on? >> we have a great show. i know when you were at turner broadcasting several years ago there was that no smoking policy. well, that policy is embraced with more companies on the front end. in other words, they will not hire you if you test positive...
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let's say i'm someone working in a city that doesn't have any problems. the question those people are wondering, how safe is my pension? can we answer that definitively? >> not definitively. in most cases pensions are very well protected. you can look at the example of detroit. they had to go through banks result see proceedings to touch these. the burden of proof is on the city to make a case they are eligible and that's a high threshold. pension benefits are usually safe around the nation. pension benefits are protected for current employees and retirees. >> i'm looking at research that your own group put out saying 126 public plans were only 73% funded using the most optimistic pension return formula. 50% using the more conservative 5% return figure. what percentage are underfunded and not by just a little but in some cases by a lot? >> right, this is correct. those numbers are right. currently in 2012, based on 126 state and local pension plans that we maintain at the center, the funding rate owe was 73%. a lot of that unfunded lighty isn't due to cur
let's say i'm someone working in a city that doesn't have any problems. the question those people are wondering, how safe is my pension? can we answer that definitively? >> not definitively. in most cases pensions are very well protected. you can look at the example of detroit. they had to go through banks result see proceedings to touch these. the burden of proof is on the city to make a case they are eligible and that's a high threshold. pension benefits are usually safe around the...
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the city's city manager says he will present his plan next year. dianes a he is atdiane is in det ruling. john he wants that plan to be as human as possible. but all creed tors creditors coa financial haircut. the judge gives detroit state emergencieemergency manager to t pensions and sell city assets outside the city workers protested. they called the ruling a death sentence for detroit. >> services for city residents will be slashed and our pensions will be on the chopping block. our art institute and water department may be sold off. the judge said bankruptc bankrue the only way to breathe new life into detroit given their debt and crumbling infrastructure and high crime rate. the judge said "this once proud city capacit can't pay their de. debilities dent their debts. the retire pension may be on the chopping block saying they treat them like any other contract. the union says they will press their case with the emergency manager kevin orr. >> if you work for the city of detroit for your entire life and then you retire and somebody just says, s
the city's city manager says he will present his plan next year. dianes a he is atdiane is in det ruling. john he wants that plan to be as human as possible. but all creed tors creditors coa financial haircut. the judge gives detroit state emergencieemergency manager to t pensions and sell city assets outside the city workers protested. they called the ruling a death sentence for detroit. >> services for city residents will be slashed and our pensions will be on the chopping block. our...
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today the city is shrinking and broke. to solve its financial crisis detroit will have to cut city workers pensions. illinois just pass emergency legislation to tackle $100 billion shortfall in its pension obligations. that's huge money and people will pay the price. on this edition of inside story we'll look at the trade-offs and solutions when balance sheets teeter to the brink of disaster, and we start in detroit. >> let me just say that the judge has spoken, and i do think it's a tough day for all of us here in detroit [♪ music ] >> once the nation's fourth largest city, the heart of the auto industry and the soul of american music today's detroit is a portrait of urban decay and facing a water shed moment. it is the largest municipality in u.s. history to file for bankruptcy. a federal judge ruled the city is not only insolvent but in a decisive verdict declared that pensions will be included on the chopping block. dave bing is the outgoing mayor. >> the only way we stayed alive, quite frankly, is through cuts. we c
today the city is shrinking and broke. to solve its financial crisis detroit will have to cut city workers pensions. illinois just pass emergency legislation to tackle $100 billion shortfall in its pension obligations. that's huge money and people will pay the price. on this edition of inside story we'll look at the trade-offs and solutions when balance sheets teeter to the brink of disaster, and we start in detroit. >> let me just say that the judge has spoken, and i do think it's a...
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even the media let down the city. so detroit's demise is in a way i think an analog of what's going on in this country. if we don't stop pointing fingers and help the people who need help, the folks playing by the rules -- >> right. >> and, you know, working hard every day, we'll be in a world of hurt and detroit is really hurting now an it's about to get kicked in the stomach again. >> sharon, a lot of people watching this case because it's not the first city to file for bankruptcy. it's the largest to file for bankruptcy and other cities that may well, you know, fall into the same category. and so a lot of folks watching to see the outcome of this case in terms of filing for bankruptcy and this ruling about public pensions as there's a lot of concern that this could be a trend. >> it's very scary. the pensioneers are seeing themselves as disposable. they took less money at the time and now not getting what they were promised. and the idea that these folks earning maybe $18,000 or $19,000 a year in the pensions are t
even the media let down the city. so detroit's demise is in a way i think an analog of what's going on in this country. if we don't stop pointing fingers and help the people who need help, the folks playing by the rules -- >> right. >> and, you know, working hard every day, we'll be in a world of hurt and detroit is really hurting now an it's about to get kicked in the stomach again. >> sharon, a lot of people watching this case because it's not the first city to file for...
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if the judge says the city is not eligible for bankruptcy, the city gets flooded with a new round of lawsuits from creditors and the motor city has one big problem. bill: what's the chance those people lose their retirement in this deal? >> reporter: that's the issue that brought the demonstrators out. it boils town to a challenge between michigan law and federal law. federal law says all creditors are to be treated equally. the city would have the same obligation to xyz bank. so it remains to be seen that the judge will be able to set aside 23,000-plus pensioners and offer them some protection. thank you, mike. >> they just got what was widely described as a sweetheart deal on their outjar program. now iran would apparently like more on that deal. bill: what police are ruling out in the death of paul walker. >> the fast and furious movie, he was coming to car meet and stuff like that. >> he was a great actor, a great person. it seem like he was really down it seem like he was really down to earth. stop! humans. one day we're coming up with the theory of relativity, the next... not s
if the judge says the city is not eligible for bankruptcy, the city gets flooded with a new round of lawsuits from creditors and the motor city has one big problem. bill: what's the chance those people lose their retirement in this deal? >> reporter: that's the issue that brought the demonstrators out. it boils town to a challenge between michigan law and federal law. federal law says all creditors are to be treated equally. the city would have the same obligation to xyz bank. so it...
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how soon before detroit is a better city? a city that people want to move to? a city that just doesn't feel safe, but is actually safe? how soon before detroit is relatively back on its feet in your honest opinion? >> okay. honest opinion, two things i said, i think downtown, and in some areas you are already seeing that. downtown has a 97% lease rate. you couldn't move here if you wanted to, and you are seeing a tremendous amount of construction and interest into the city. the real issue is how do the other neighborhoods feel? and that's why we're so focused on dealing with blight issues, policing, garbage collection and so on and so forth. but something that attorney general holder said a month or so ago, one of the things we need to do is recognize first and foremost that we have been marching our way here for 60 years. there were no computers during that time. it's going to take some time for us to big ourselves out of this predicament city wide. so what i would ask is there be some gain in terms of dealing with the time frame that is involved to deal with
how soon before detroit is a better city? a city that people want to move to? a city that just doesn't feel safe, but is actually safe? how soon before detroit is relatively back on its feet in your honest opinion? >> okay. honest opinion, two things i said, i think downtown, and in some areas you are already seeing that. downtown has a 97% lease rate. you couldn't move here if you wanted to, and you are seeing a tremendous amount of construction and interest into the city. the real issue...
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the city can work up a plan to she had billions in debt. it could include cutting bi pensions for thousands of people. appeals are expected but the city manager, kevyn orr is moving forward. >>> a crucial new clue in sunday's deadly train crash. a union official says the engineer at the control of the passenger train was nodding off shortly before the train veered off of the rails at break-neck speed. several investigators say there is no evidence of brake or rail failure >>> president obama defending his healthcare site again. he said he will come pain for it until december 23rdrd. >> that's the deadline to sign up for insurance coverage. >>> overseas, vice president joe biden is in asia trying to ease tensions between japan and china. countries are fighting over a group of islands. in tokyo today, biden said the u.s. stands with japan. those are the headlines at this ho hour. i am john siegenthaler seeing. consider th "consider this" with antone i don't mora is next. you can always get the latest news on acceljazeera.com. we will see you
the city can work up a plan to she had billions in debt. it could include cutting bi pensions for thousands of people. appeals are expected but the city manager, kevyn orr is moving forward. >>> a crucial new clue in sunday's deadly train crash. a union official says the engineer at the control of the passenger train was nodding off shortly before the train veered off of the rails at break-neck speed. several investigators say there is no evidence of brake or rail failure >>>...
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d.c.t 6:00 p.m., the council has given parliamentary approval to raising the cities minimum-wage. the vote was unanimous. if approved on second reading and signed, the minimum wage would jump to $11.50 an hour. the current minimum wage is $8.25 an hour. montgomery and prince george's counties raised their minimum wage to $11.50 an hour last month. >> vice president joe biden is calling for calm in the airspace dispute between china, japan, and other u.s. allies. the vice president met today with the china -- the japanese prime minister. the vice president will discuss the issue during a meeting with in beijingsident tomorrow. >> that newspaper editor who broke the edward snowden story about nsa classified document says he has just scratched the surface of the scandal. said he hasdger published one percent of the documents received by the paper. he also accused british authorities of trying to intimidate the newspaper. >> coming up on abc seven news at 6 p.m. a teacher accused of sexually thusing a child wit special needs. the family says they refuse to remain silent. >> and unusua
d.c.t 6:00 p.m., the council has given parliamentary approval to raising the cities minimum-wage. the vote was unanimous. if approved on second reading and signed, the minimum wage would jump to $11.50 an hour. the current minimum wage is $8.25 an hour. montgomery and prince george's counties raised their minimum wage to $11.50 an hour last month. >> vice president joe biden is calling for calm in the airspace dispute between china, japan, and other u.s. allies. the vice president met...
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here in the city of detroit. we are paying millions of dollars to jones a and lawyers, across the city of detroit and the nation, to to lead the bankruptcy... ..we are paying a lot of money out now that we could put in a place where we could make sure that we take care of the pensioners. >> we are talking $20 billion, not $400 million. >> yes, but what we have to understand is the nation is dealing with the same issue. cleveland and atlanta, la, are all dealing with the same issue. the way to solve it is not on the backs of the pensioner, but make sure the banks that we bailed out at $1.8 trillion - they are the ones that caused the catastrophe in the united states of america. and they need to pay. they need to take big major hits. it will not hoppen by doing this on the backs of the potential. >> thank you for sharing your staffy. we appreciate it. >> turning now to vice president joe biden's drip to asia, he arrived in beijing moments ago for talks with china's leaders. earlier in tokyo he weighed in on china a
here in the city of detroit. we are paying millions of dollars to jones a and lawyers, across the city of detroit and the nation, to to lead the bankruptcy... ..we are paying a lot of money out now that we could put in a place where we could make sure that we take care of the pensioners. >> we are talking $20 billion, not $400 million. >> yes, but what we have to understand is the nation is dealing with the same issue. cleveland and atlanta, la, are all dealing with the same issue....
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plus a big ruling on a bankruptcy of a major american city. the judge's decision regarding detroit next. jenna: new next hour a hearing today in a new legal challenge to obamacare. the plaintiffs are accusing the i.r.s. of using the law to make a power grab, essentially, and are legally trying to take extra cash from small businesses. it's an interesting, complicated case. also a new medical study on those popular energy drinks. what has some doctors very concerned about your heart. and a kind soul trying to make people happy this holiday season. what we know about the mystery tipper leaving huge tips all around the country. jon: surveillance video from a restaurant robbery might help nab a child killer in miami. video shows a man already charged with murdering aaron vu. the 10-year-old boy was killed in a nail salon shooting but there was also a second person with the killer. face was covered with a red shirt at the nail salon and in the video of the restaurant robbery, the second man is wearing a mask. police are not sure it's the same perso
plus a big ruling on a bankruptcy of a major american city. the judge's decision regarding detroit next. jenna: new next hour a hearing today in a new legal challenge to obamacare. the plaintiffs are accusing the i.r.s. of using the law to make a power grab, essentially, and are legally trying to take extra cash from small businesses. it's an interesting, complicated case. also a new medical study on those popular energy drinks. what has some doctors very concerned about your heart. and a kind...
SFGTV2: San Francisco Government Television
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Dec 2, 2013
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their brand is we build green cities. they're saying to the latin medical examiner cities you can break out and we can help you plan and supply those products. we innovative in the economy while export those services and products good jobs and a very different model. you know, i think we need to get beyond labels. the most of come out of washington, d.c. they're mostly ideological about what the economy is. we're mapped it, it's productive and cities will get about the business of developing fuels >> i want to follow up on cars you note in 1983 half of the americans have driver's license and only 29 percent today perhaps more cities with fewer cars and more people. 24 cultural change and highway we get around >> well, there's some big demographic challenges and changes we see it with the rebirth of our cities not only as amenities but as a van guard you know april rent has written a lot about the collaborative consumption. we are seeing people treat some of those products in the past >> can now share like zip car and we s
their brand is we build green cities. they're saying to the latin medical examiner cities you can break out and we can help you plan and supply those products. we innovative in the economy while export those services and products good jobs and a very different model. you know, i think we need to get beyond labels. the most of come out of washington, d.c. they're mostly ideological about what the economy is. we're mapped it, it's productive and cities will get about the business of developing...
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city to ever enter bankcy. the city's $18 billion debt could include cutting pensions. >>> results of drug and alcohol tests on the train operator of the train that went offel rails came
city to ever enter bankcy. the city's $18 billion debt could include cutting pensions. >>> results of drug and alcohol tests on the train operator of the train that went offel rails came
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it's the largest city in u.s. history to do so. when detroit filed for bankruptcy in july it was an open question if the city met the legal requirements for chapter nine. today, a bankruptcy judge ruled that it did, saying in part, quote, the city no longer has resources to provide the citizens with police, fire, and emergency services. of particular importance are those 20,000 or so city retirees with guaranteed pensions that are no longer guaranteed. the ruling holds that federal law supercedes. detroit is now officially out of voters hands. >> i don't think we have a final determination as to what although of the elements are going to be to get us through this process. but it is a process that i think we need to take a lot of care because there are going to be pain for a lot of different people. >> joining us now is a former investment banger with goldman sachs where he specialized in stance. what's your reaction to today's court ruling? >> thank you for having me here. this thing of saying they can cut the pensions, that was al
it's the largest city in u.s. history to do so. when detroit filed for bankruptcy in july it was an open question if the city met the legal requirements for chapter nine. today, a bankruptcy judge ruled that it did, saying in part, quote, the city no longer has resources to provide the citizens with police, fire, and emergency services. of particular importance are those 20,000 or so city retirees with guaranteed pensions that are no longer guaranteed. the ruling holds that federal law...
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in the city have a stake in this. >> diane estherbrook in the city of detroit, we thank you. >>> detroit's bankruptcy developments have wider implications for the rest of the country. in illinois lawmakers narrowly passed that state's own pension crisis. en estimated $100 billion shortfall, the worst by far for any state in the union. they pushed back the retirement age for workers using a sliding scale. retirees will see their cost of living increases replaced by portion of benefits based on the number of years worked on the job, and current workers could stop their pension plans and switch to retirement plans. the state's public sector say they will challenge the illinois law in court. >>> it affects only illinois state workers but right now pension funs for chicago city workers including police and firefighters are short of meeting their obligation by $19.5 billion. chicago mayor rob emmanuel said, the pension process is not solved until relief is brought to chicago and local government across the state. that concerned police veterans like lieutenant maloney. he joins us now from chicag
in the city have a stake in this. >> diane estherbrook in the city of detroit, we thank you. >>> detroit's bankruptcy developments have wider implications for the rest of the country. in illinois lawmakers narrowly passed that state's own pension crisis. en estimated $100 billion shortfall, the worst by far for any state in the union. they pushed back the retirement age for workers using a sliding scale. retirees will see their cost of living increases replaced by portion of...
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we need to use all the big cities. we have to change. we will not be able to win nationally again, and some people are stuck in a rut on this. a lot of people are waking up. the michigan gop knows we have to do better if we're going to win. >> i am bringing it on home with the last two questions. what are your thoughts on obamacare? too many questions. i had to ask you three. >> i may need a couple hours. it is unraveling on its own effects. i was telling jonathan that i think it is not that government is inherently stupid, although that is a debatable point. it is that they do not get the right incentives. the business would be run this way because you would be run out of business immediately. we have put into law perverse incentives. people who had cheap insurance no longer can buy that. it is what they could afford and that is the only way they had it. i was one of them. i used to have family coverage for five people, for $5,000. a $5,000 deductible. in obamacare, you can have a higher detectable and still pay $20,000 because there is
we need to use all the big cities. we have to change. we will not be able to win nationally again, and some people are stuck in a rut on this. a lot of people are waking up. the michigan gop knows we have to do better if we're going to win. >> i am bringing it on home with the last two questions. what are your thoughts on obamacare? too many questions. i had to ask you three. >> i may need a couple hours. it is unraveling on its own effects. i was telling jonathan that i think it is...
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senator rand paul joins us from the motor city. tell us what your plan consists of. >> this is a free market plan to rescue detroit. weapon don't rescue detroit by taking money from houston or atlanta. we rescue detroit by leaving more money in detroit. what we've devised a plan that would dramatically lower taxes in detroit, bring the corporate income tax down to five percent, the personal income tax down to five percent, make the capital gains tax zero, take the payroll tax and bring it down for the employee and the employer. without bringing any new money to detroit, just leaving money in detroit is over a billion dollars that would stimulate detroit's economy. >> basically a flat tax but flat nonetheless. >> absolutely. flat and very low. we also look at regulations and try to get rid of the owner's regulations that's making it expensive for city government and for businesses to locate in detroit. we think if you combine all of this, that it would be the model for how you would rescue cities across the country but any impoveris
senator rand paul joins us from the motor city. tell us what your plan consists of. >> this is a free market plan to rescue detroit. weapon don't rescue detroit by taking money from houston or atlanta. we rescue detroit by leaving more money in detroit. what we've devised a plan that would dramatically lower taxes in detroit, bring the corporate income tax down to five percent, the personal income tax down to five percent, make the capital gains tax zero, take the payroll tax and bring it...
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Dec 8, 2013
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city to declare bankruptcy this week. the motor city, the former icon of america will now restructure more than $18 billion in death. joining us is dennis archer. he's mayor of detroit, michigan. we want to thank you for being here today. >> thank you very much for having me. >> is this a good thing for detroit? >> absolutely. when you consider that we're going to run out of cash, have no money to pay any bills by tend of this month or no later than january of 2014. there really was no choice. >> it will mean likely that those who have been holding onto some of these promises made to them will be left out in the cold. >> let me make this observation, from everything i know about the judge who have shared with me high regard of being very fair and thorough and very circumspect. when it's all said and done there's going to be high regard and respect shown to pensioners, creditors and bondholders. >> this is something the rest of the nation has been looking to. >> as judge rhoade said in his opinion, that the pensioners have
city to declare bankruptcy this week. the motor city, the former icon of america will now restructure more than $18 billion in death. joining us is dennis archer. he's mayor of detroit, michigan. we want to thank you for being here today. >> thank you very much for having me. >> is this a good thing for detroit? >> absolutely. when you consider that we're going to run out of cash, have no money to pay any bills by tend of this month or no later than january of 2014. there...
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Dec 5, 2013
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wasn't for uniyorngs detroit would be the fifth largest city? >> maybe not the fifth. >> no problem with the car companies leaving? >> what is the problem with the car company. why can't a u.s. automaker make a profit on a car? the united autoworkers union. >> you use the word union like it's got an allergy. >> it destroyed detroit. >> get out of here. >> let me take you down the rabbit hole. >> the fact that the federal judge made it okay in detroit, a lot of other states are at similar risks. is this a precedent? >> yes. it's going to be more -- this is more of what we're going to see. one after the next, they'll go for it and say, this is my case. show the example of detroit. if it was granted if detroit, and it's the easy way out. unfortunately, thing are so bad, maybe there isn't another direction at this point. the fact that it got there, that this is what we're left with. there is to other choice or way out. shows a complete lack of leadership. lack of courageous leaders to take on tough issues like unions, so it makes it attractive for a
wasn't for uniyorngs detroit would be the fifth largest city? >> maybe not the fifth. >> no problem with the car companies leaving? >> what is the problem with the car company. why can't a u.s. automaker make a profit on a car? the united autoworkers union. >> you use the word union like it's got an allergy. >> it destroyed detroit. >> get out of here. >> let me take you down the rabbit hole. >> the fact that the federal judge made it okay in...
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millions every year in unpaid taxes the motor city once ground zero. for the american dream is now ground zero for the worst policies of the post reagan economy its industrial heart has been shredded in the name of free trade its workforce has been decimated by glorified union busting schemes and in the final insult to add that final insult to injury its impoverished population has been ripped off by predator banks toure's course you can expect the media focus on those things right i mean with so much money to be made through a bankruptcy it's far easier to focus on the short term and blame the retiring those former workers were the only ones who kept their part of the bargain by trading lower pay and longer working hours for a pension it's now being stolen from them by michigan's republican governor if we really want to save the rest of our country from devastation when you take a good hard look at the lessons of detroit because if we continue on the path we've been on for the past thirty years introduced decline won't be just a sad story it will be a
millions every year in unpaid taxes the motor city once ground zero. for the american dream is now ground zero for the worst policies of the post reagan economy its industrial heart has been shredded in the name of free trade its workforce has been decimated by glorified union busting schemes and in the final insult to add that final insult to injury its impoverished population has been ripped off by predator banks toure's course you can expect the media focus on those things right i mean with...
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Dec 3, 2013
12/13
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a federal judge is expected to announce whether the city is eligible for bacy protection. millions of dollars of pensions could be reduced or stripped away. one detroit man said losing his pension would mean choosing between eating or taking medication. >> after four months the federal judge will rule tuesday on whether detroit is eligible for chapter 9 the b bankruptcy. >> they made it clear before the federal judge that everything from the city's assets like masterpieces at the detroit institute of art to incur debt like retiree pensions may be up for grabs. >> to me that's robbery. >> donald smith one of some 20,000 row tir20,000 retireriese worried. >> i not asking for anything but what i earned. >> he's concerned his pension check would be stripped away or reduced making hard times even worse. >> there are days i have to make up my mind whether i'm going to eat or not. >> retirees leave that the repension funds which are $3.5 billion in the red are protected by the state constitution. it's an argument they hope the federal judge will understand in his ruling. municipa
a federal judge is expected to announce whether the city is eligible for bacy protection. millions of dollars of pensions could be reduced or stripped away. one detroit man said losing his pension would mean choosing between eating or taking medication. >> after four months the federal judge will rule tuesday on whether detroit is eligible for chapter 9 the b bankruptcy. >> they made it clear before the federal judge that everything from the city's assets like masterpieces at the...
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Dec 4, 2013
12/13
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the judge ruled on tuesday that the city is able to provide services and pay its bills. the ruling paves the way for detroit to have a fresh start under court supervision. the child in july filed for bankruptcy protection from creditors with debts of eighteen billion dollars. city leaders say they'll drop a corp back rehabilitation plan by the end of this month they're expected to negotiate with creditors to cut loan repayments and medical spending for a retired city workers. and time for check on them i think the us stock prices continue to fall on tuesday investors worried about weak consumer spending the holiday shopping season gets underway the dow jones industrial average lost zero point five nine percent. annie at fifteen thousand nine hundred and fourteen. that's the third straight sessions of declines of more in japanese stocks that could be really at the tokyo stock exchange. you mean overnight market developments not positive how investors in japan reacting to this morning hike in prices of fuel is selling shares after those losses on wall street and lsd at the
the judge ruled on tuesday that the city is able to provide services and pay its bills. the ruling paves the way for detroit to have a fresh start under court supervision. the child in july filed for bankruptcy protection from creditors with debts of eighteen billion dollars. city leaders say they'll drop a corp back rehabilitation plan by the end of this month they're expected to negotiate with creditors to cut loan repayments and medical spending for a retired city workers. and time for check...
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the unions control new york city hall. bill de blasio, all his aides are close to this. new york city is going to head in that direction. >> do you agree with that? >> i don't. this is good news for the bond market and for cities that are struggling because it gives them negotiating leverage. >> put the fear of god in them. >> right. so they won't have to -- >> julie, do you agree? >> i do, actually. both parties gave away the unions in the 90s like drunken sailers in their right to get political support. it went too far. they have a commitment that's a legal contract. even in bankruptcy the unions may get screwed on this. >> didn't the judge take that into -- >> we'll see. charlie is right that this is not a good precedent to set. >> the bond holders got screwed before you deal with the unions. this isn't good for them. >> that is exactly my point. we're not sure who is going to get screwed. the unions or the bond holders. it's going to be for the court to figure out. >> ben stein? >> detroit is an incredibly sad commentary on the collapse of nonwhite urban america. it'
the unions control new york city hall. bill de blasio, all his aides are close to this. new york city is going to head in that direction. >> do you agree with that? >> i don't. this is good news for the bond market and for cities that are struggling because it gives them negotiating leverage. >> put the fear of god in them. >> right. so they won't have to -- >> julie, do you agree? >> i do, actually. both parties gave away the unions in the 90s like drunken...
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Dec 7, 2013
12/13
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optimism is bringing this city back. this city is not afraid of opportunity. the not discouraged about past. i love the way she put that. a young woman who believes and tic about the future of detroit. but one thing is certain, detroit's future and lisa's future will not come from washington. the magic of motown is here in the city. it's not all in some central planner's notebook. is detroit needs to thrive not washington's domineering and, but freedom from big gofrt's mastery. to thrive, detroit needs less freedom.t, more less red tape, less punitive axes, more money left in detroit. the answer to poverty and unemployment is not another government stimulus. it's simply leaving more money in the hands of those who earned it. introduce ere to something i call economic freedom zones. that would be introduced next year in washington. the freedom zones would reduce axes and red tape so detroit businesses can grow and thrive. t's similar to what jack kemp introduced. he loved to find ways to empower eople, real people, regardless of race or family background. he ca
optimism is bringing this city back. this city is not afraid of opportunity. the not discouraged about past. i love the way she put that. a young woman who believes and tic about the future of detroit. but one thing is certain, detroit's future and lisa's future will not come from washington. the magic of motown is here in the city. it's not all in some central planner's notebook. is detroit needs to thrive not washington's domineering and, but freedom from big gofrt's mastery. to thrive,...
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Dec 4, 2013
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shakeup in the city-- detroit gets the green light to proceed with an epic bankruptcy. in today's cover story.... the forgotten disaster. why people in the phillipines struggle to get aid to come their way. plus....how to spot hidden fees in your bank account... and.... malls of america are back in style. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning!it's wednesday, december 4th.i'm angela miles.in today's first look: stocks lose altitude. the dow is back below 16,000, the nasdaq is nearing 4,000 and the s&p has dropped past 1,800.stocks slipped tuesday as traders took money off the table to pocket profits.gold gained a couple dollars and oil shot up $3. opec members meet in vienna today for their last session of the year.the big deal there is how members will handle civil issues in lybia, iraq and iran. ex-tyco ceo dennis kozlowski will be set free prison january 17th after spending 8 years behind bars for corporate fraud. and, some abercrombie and fitch shareholders are making a pitch fo
shakeup in the city-- detroit gets the green light to proceed with an epic bankruptcy. in today's cover story.... the forgotten disaster. why people in the phillipines struggle to get aid to come their way. plus....how to spot hidden fees in your bank account... and.... malls of america are back in style. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning!it's wednesday, december 4th.i'm angela miles.in today's first...
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other cities >> we are gratified with the city's eligibility to pursue a plan of adjustments under chapter nine of the federal bankruptcy code. it is business as usual in detroit. this determination gives us a better opportunity to go forward with that clean slate. neil: mark my words, that i will be a rockstar. and a bankruptcy filing is their only hope. judge napolitano, i would say you? >> they have an obligation of 18 billion and it does not have the assets or the tax base. but it owes a lot more than a it negotiated with all of its creditors, including the unions. >> if the judge does not rule as he ruled today, then instead of having an orderly bankruptcy where a judge will take obligations and slice and dice and give people their portion of the pie, you have about five or 6000 lawsuits, each that is entitled to a jury trial in a pool of assets and it would be chaos and there wouldn't be enough to pay police or fire or teachers and more so they would leave their property behind. >> don't libertarians argue let the people rule? appointed by the governor to clean up this mess and is th
other cities >> we are gratified with the city's eligibility to pursue a plan of adjustments under chapter nine of the federal bankruptcy code. it is business as usual in detroit. this determination gives us a better opportunity to go forward with that clean slate. neil: mark my words, that i will be a rockstar. and a bankruptcy filing is their only hope. judge napolitano, i would say you? >> they have an obligation of 18 billion and it does not have the assets or the tax base. but...
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Dec 8, 2013
12/13
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optimism is bringing this city back. this city is isn't afraid of opportunity. it's not discouraged by its past. it's excited about its future. i just loved the way she put that. a young woman who really believes and is optimistic about detroit. detroit's future and lisa's future will not come from washington. the magic of motown is here in the city. it's not in some central planner's notebook. what detroit needs to thrive is not washington'sdom nearing hand but freedom from big government's mastry. to thrive, detroit needs less government and more freedom, less red tape, less punitive taxes, more money left in detroit. the answer to poverty and unemployment is not another government stimulus. it's simply leaving more money in the hands of those who earned it. today i'm here to introduce something i call economic freedom zones. this is a bill that will be introduced next week in washington. these freedom zones will dramatically reduce taxes and red tape so detroit businesses can grow and thrive. freedom zones are similar to an idea jack kemp introduced a couple
optimism is bringing this city back. this city is isn't afraid of opportunity. it's not discouraged by its past. it's excited about its future. i just loved the way she put that. a young woman who really believes and is optimistic about detroit. detroit's future and lisa's future will not come from washington. the magic of motown is here in the city. it's not in some central planner's notebook. what detroit needs to thrive is not washington'sdom nearing hand but freedom from big government's...
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Dec 9, 2013
12/13
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not for one moment can you diminish the issues and challenges that lie ahead for the city. for us to come here and base our manufacturing facility here combined with great design, wonderful value and equality watch made was swift parts that is assembled using swiss equipment, we thing we have done something very compelling. .his is the actual watch this is what i was talking about a few minutes ago. to my right, you can probably see the limited edition. in celebration of the wright brothers who are steeped in bike manufacturing, we produced a 25 bicycles.on they retail for $2950. fantastic bike. what is next? you said henry ford is the icon that will be ordered -- honored next year. what can we expect to see? >> you will see a very limited edition iconic watch. i'll will be part of what we have lunch, a foundry. is a very broad concept. we had to get a 100 year old brand and really turned it into a modern brand based on heritage. not only do we have bikes and watches but leather goods, journals, etc.. the henry ford watch will be an extension through the foundry which is a
not for one moment can you diminish the issues and challenges that lie ahead for the city. for us to come here and base our manufacturing facility here combined with great design, wonderful value and equality watch made was swift parts that is assembled using swiss equipment, we thing we have done something very compelling. .his is the actual watch this is what i was talking about a few minutes ago. to my right, you can probably see the limited edition. in celebration of the wright brothers who...
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is paid they're paid money if the rates fall then the city has. to pay the banks now here's the edge to that the the wall street types absolutely knew there was no question that these assets that they were selling to the cities these swaps and derivatives were going to crash and if they went down then of course wall street made all the money it was ruined in investors were ruined investments were ruined and now it's the payday bonanza for wall street is places like detroit are going out of business for no good reason by the way there are some who are suggesting and i put myself in that camp that detroit is a beta test of sorts for a coalition of corrupt republicans and banks toure's to basically asset strip assets strip other cities around the country particularly cities that have large minority populations asset strip their population. things like you know ripping off their pensions assets trip to country by taking whatever they may have whether it's the electric system or the art museum and selling it off on pennies to the dollar to the billiona
is paid they're paid money if the rates fall then the city has. to pay the banks now here's the edge to that the the wall street types absolutely knew there was no question that these assets that they were selling to the cities these swaps and derivatives were going to crash and if they went down then of course wall street made all the money it was ruined in investors were ruined investments were ruined and now it's the payday bonanza for wall street is places like detroit are going out of...
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Dec 5, 2013
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he's traveling to detroit to unveil a recovery plan for the city. he's here to explain the efforts himself. kentucky senator rand paul. good to see you. >> good to be with you, sean. >> bin laden's dead, detroit's alive? something to that effect? i remember hearing it during the campaign. didn't the president say it? >> if you like your car bailout, you can keep it, period. >> yeah. >> we need to try something different. for 50 years we have been trying government stimulus, trying to bail out cities that have been gone bankrupt. through bankruptcy we can find a new way. so i'm promoting economic free dom zones similar to enterprise zones from jack kemp 20 years ago. this is enterprise zones on steroids. this is a massive giveback of money that's already yours. we are not going to take it from houston to bail out detroit. we'll let detroit keep their money and bail themselves out. it's phenomenal how much money can be left in detroit simply by lowering the taxes in detroit. >> it's like kemp's enterprise zones on steroids. i looked over the plan. you
he's traveling to detroit to unveil a recovery plan for the city. he's here to explain the efforts himself. kentucky senator rand paul. good to see you. >> good to be with you, sean. >> bin laden's dead, detroit's alive? something to that effect? i remember hearing it during the campaign. didn't the president say it? >> if you like your car bailout, you can keep it, period. >> yeah. >> we need to try something different. for 50 years we have been trying government...
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>> it was introduced in 1965 at the world's fair right here in new york city. >> stephen: in support of that you are introducing a new 50th anniversary. >> absolutely. >> stephen: of -- there is the 20 -- this is the 2015 mustang. uh wow. [ applause ] >> stephen: my question is, though you still know it is 2013, right? and yet we are looking at the 2015 mustang. >> yes. >> stephen: i assume you have come here to tell me about it in the 2028 ford time machine. does it have a jet pack? >> that is the future. that is the future, yes. >> stephen: we should hope so. >> absolutely. >> stephen: now, speaking of cars of the future, you guys, let's talk about cars of the past and car companies of the past. >> yes. >> stephen: because back in the old auto bailout you are the only zero company that didn't take a bailout. >> right. >> stephen: gm and chrysler had to be bailed out. what is it about ford and one of the reasons i like you guys is that you are capitalists unlike those bolsheviks over at gm and chrysler. comrade! what do you think of those guys sucking on the government teat? >> isn'
>> it was introduced in 1965 at the world's fair right here in new york city. >> stephen: in support of that you are introducing a new 50th anniversary. >> absolutely. >> stephen: of -- there is the 20 -- this is the 2015 mustang. uh wow. [ applause ] >> stephen: my question is, though you still know it is 2013, right? and yet we are looking at the 2015 mustang. >> yes. >> stephen: i assume you have come here to tell me about it in the 2028 ford time...
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in the meantime, and officially bankrupt city. a judge rules that it is okay to file. >> not only is it illegal, but it is immoral. >> this ruling is a threat t every city in detroit. >> we think that that sets a bad precedent for other cities as a business owner, i'm constantly putting out fires. so i deserve a small business credit card with amazing rewards. with the spark cascard from capital one, i get 2% cash back on ery purchase, every day. i break my back around here. finally soone's recognizing me with unlimited rewards! meetings start at 11, cindy. [ male announcer get the spark business card from capital one. choose 2% cash back or double miles on every purchase, every d. what's in your wallet? i need your timesheets, larry! what's in your wallet? every day we're working to and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any other place in the world. in fact, we've invested over $55 billion
in the meantime, and officially bankrupt city. a judge rules that it is okay to file. >> not only is it illegal, but it is immoral. >> this ruling is a threat t every city in detroit. >> we think that that sets a bad precedent for other cities as a business owner, i'm constantly putting out fires. so i deserve a small business credit card with amazing rewards. with the spark cascard from capital one, i get 2% cash back on ery purchase, every day. i break my back around here....
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Dec 3, 2013
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help many city residents. it could defund $3.5 billion in pensions. we are joined from detroit. this ruling really could hit some residents there spread hard. pretty hard. >> there are a lot of city retiree's right now on edge. i have spoken with quite a few legal experts and all strongly believe that the judge will approve this bankruptcy. what happens after that is unclear, but one thing that is certain is that these retirees are nervous, very worried, because they have so much to lose. >> after four months of court hearings, a federal judge will rule on whether detroit is eligible for chapter nine bankruptcy. >> bankruptcy is a term that none of us ever want to get to this point. >> facing a staggering $18 billion in long term debt, the city manager made it clear that everything like art masterpieces to retiree pensions may be up for grabs. >> to me, that's robbery. >> donald smith is one of 20,000 retirees worried, anxiously awaiting the judge's decision. >> i'm not asking them to give me anything but what
help many city residents. it could defund $3.5 billion in pensions. we are joined from detroit. this ruling really could hit some residents there spread hard. pretty hard. >> there are a lot of city retiree's right now on edge. i have spoken with quite a few legal experts and all strongly believe that the judge will approve this bankruptcy. what happens after that is unclear, but one thing that is certain is that these retirees are nervous, very worried, because they have so much to lose....